Sunday, May 3, 2020

Elliott Wave Stock Market Update - May 2

The market started the week in a bullish note and rallied towards resistance at 2950 as expected. However, sellers appeared at that level and drove prices down for the rest of the week leaving a topping pattern in place. If prices continue to weaken, the Trend Average will turn bearish and we will see substantial selling ahead. If selling momentum continues next week, watch for 2727 as support for a bounce that will create a possible Head and Shoulder formation.

Stay safe and healthy!!

Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bearish
Long Term Trend = Bearish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking

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